76-308. Permanent university fund; original principal; earnings. The original principal of the permanent university fund shall not be distributed. The earnings of such fund shall be subject to appropriation by the legislature. K.S.A. 58-3610 et seq. shall apply to the permanent university fund, except as otherwise provided by this section and K.S.A. 76-718a, and amendments thereto.
History: R.S. 1923, 76-308; L. 1974, ch. 294, § 8; L. 2010, ch. 138, § 2; July 1.
Source or prior law:
L. 1889, ch. 258, § 14; L. 1895, ch. 226, § 2.
Revisor's Note:
It was intended to include L. 1917, ch. 39, § 1, by reference; while this was an appropriation act, it contained the following provisions: "and that all interest, rents and income hereafter accruing from the said Robinson Estate Fund shall be paid into and become a part of the University Endowment Fund." Same was inadvertently omitted. [ See Errata, page 1644, Revised Statutes of 1923.]
Attorney General's Opinions:
KOMA; application to Kansas university endowment association. 80-239.
CASE ANNOTATIONS
1. Legislature cannot provide for revenue for more than two years. The State, ex rel., v. Bailey, 56 Kan. 81, 42 P. 373.
2. Legislature may levy taxes by requiring collection of gross sum. The State, ex rel., v. Bailey, 56 Kan. 81, 42 P. 373.
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